Autodesk price target raised to $244 from $237 at KeyBanc

KeyBanc analyst Jason Celino raised the firm’s price target on Autodesk to $244 from $237 and keeps an Overweight rating on the shares. Consistent with the firm’s mid-quarter checks, its Autodesk resellers finished the quarter strong and meaningfully ahead of plan, driven by an uptick in three-year deal renewals. Commentary also suggests a full-move to annual billing on March 28. Given the CFO’s "soft guidance messaging" last quarter, KeyBanc would be looking for in line 2024 guidance for 9% revenue growth, 35% OMs, and potentially lower than consensus free cash flow. Tactically, the firm would be patient into the print, but maintains its long-term multiple expansion thesis.